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Bank of America initiates new changes in Equator


If you are familiar with short sales, you know that the process is always changing. The process has come a long way since the days of feeding 200 page faxes though your offices’ trusty old fax machine. In today’s market, many banks have begun utilizing the online system known as Equator. This system has helped streamline the process almost down to an exact science, with agents knowing exactly what they need in order to get that coveted approval. Nevertheless, just when you get comfortable with system Bank of America throws a wrench in your daily agenda by adding more tasks!

Starting April 14th, professionals will now be required to submit five documents for files submitted with offers.

On top of these additional documents there is a new timeframe to adhere to. If a buyer walks, Bank of America will allow a new contract to be uploaded within 5 days before the file will be closed out.

These changes may be a bit inconvenient, as the bank is requiring the new authorization form for short sale initiated prior to April 14th as well, but the good news is that these changes are made with the intention of getting a short sale approved in less time!

We know a short sale is more work for you, so that’s where we come in. Our job is building and maintaining the relationships that enable us to move easily and efficiently through the ‘red tape’ of the short sale process. This not only saves you time and stress, it means you’re more likely to actually get the short sale deal to go through.

Click here to find the newly required Bank of America forms! 

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